Chapter 2

Question 1

what are the 4 market-product strategies that an organization uses to identify alternative market values? Describe them.

Answer 1

market penetration - selling more products in existing markets
product development- selling new products in existing markets
market development- selling existing products in new markets
diversification- selling new products in new markets

Question 2

what are the 4 critical factors in a SWOT analysis that help an organization identify its strategy?

Answer 2

strengths
weaknesses
opportunities
threats

Question 3

what are the 4 components of the implementation phase?

Answer 3

1. obtaining resources
2. designing the market organization
3. developing schedules
4. execute marketing program
   (ROSE)

Question 4

identify the 3 phases of the strategic marketing process and briefly describe what happens during each phase

Answer 4

1. planning- SWOT, market segmentation, marketing program & allocation of resources
2. implementation- obtaining resources, designing market organization, developing schedules, execute marketing program
3. evaluation - compare results with plan